A new organization has been established in Turkey with the aim of monitoring and helping develop the country’s crypto sector, local media reported. Your first task will be to address recent issues with some cryptocurrency exchanges and increase confidence in the industry as a whole.
New entity to deal with issues in crypto space in Turkey, hopes to increase transparency
People trading cryptocurrencies in Turkey are estimated to number more than 8 million as of 2022, according to Emrah Inanc, director of the Crypto Industry Development, Monitoring and Reporting Association. The country is in the top five in the world in terms of cryptocurrency investments, she noted.
Speaking to Anadolu Agency, the top executive of the newly founded organization also stressed that transparency is crucial for the development of the crypto sector. That is why he will first focus efforts on solving problems with cryptocurrency exchanges and improving trust in the industry.
Inanc noted that several Far Eastern exchanges have been trying to attract Turkish clients. In this context, he pointed out that the lack of rules and regulatory authority has led to “inconvenient results”, and acknowledged some of the challenges in relations with the public sector:
We are facing allegations that some exchanges have illegally blocked client accounts to finance terrorism and money laundering.
Emrah Inanc also indicated that the association stands ready to regularly and transparently share information on the shortcomings it is identifying with all relevant institutions. He also warned traders about dealing with foreign exchanges.
“In order to prevent these illegal practices and irregularities, we will take the necessary measures to block cryptocurrency exchanges… that cause illicit transactions, cause victimization and threaten our citizens and the country’s economy,” Inanc explained. He also urged individuals and organizations to send requests, suggestions and complaints to the group by filling out a form posted on his website.
With the growing popularity of cryptocurrencies amid high inflation, Turkey has become an attractive market for cryptocurrency exchanges in recent years. Turkish traders were also affected by some failures in the sector, including that of FTX, which filed for bankruptcy in mid-November. Turkey’s financial watchdog launched an investigation into the collapse of the main exchange, as it had a Turkish platform.
Several national exchanges also shut down, including Thodex, whose founders and top executives were accused of committing fraud and money laundering as part of an alleged exit scam. Vebitcoin came under investigation when it ceased its activities after the country’s central bank banned crypto payments and Coinzo also shut down.
Do you think that the new cryptocurrency association will help the development of the cryptocurrency industry in Turkey? Tell us in the comment section below.
image credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or a solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
